Tue.Oct 10, 2023

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State Pass-Through Entity Tax Updates: October 2023

Cherry Bekaert

Iowa On September 29, 2023, the Iowa Department of Revenue announced that the 2022 Pass-Through Entity (PTE) Tax election and 2022 PTE Tax Form are available through GovConnectIowa. The Iowa Department of Revenue will not be issuing paper forms or modifying any existing 2022 income forms or schedules. Eligible partnerships and S-Corporations may now make their 2022 Iowa PTE Tax election to compute and report the PTE Tax credit available to each owner and make payments of the PTE tax due.

Iowa 104
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Setting Up Your Startup’s Chart of Accounts

BurklandAssociates

A straightforward approach to organizing your startup's Chart of Accounts with industry-specific example templates. The post Setting Up Your Startup’s Chart of Accounts appeared first on Burkland.

Account 147
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Auditors more worried about cybersecurity than AI risks

Accounting Today

A majority of chief audit executives and information technology audit leaders consider cybersecurity to be a top risk over the next year, but they're less concerned about artificial intelligence.

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IRS Proposes Changes to Form 6765 and Requests Feedback

Cherry Bekaert

On September 15, 2023, the Internal Revenue Service (IRS) released proposed changes to Form 6765, Credit for Increasing Research Activities, and requested feedback, which is due by October 31, 2023. The proposed updates to Form 6765 require information like that which is required when submitting amended returns. See the Chief Counsel Memorandum issued September 17, 2021.

Tax 115
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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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FASB updates disclosure requirements in response to SEC

Accounting Today

The Financial Accounting Standards Board is incorporating some of the Securities and Exchange Commission's disclosure requirements into its Accounting Standards Codification.

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Here’s How Much Deloitte Spends on Compensation As a Percentage of the Firm’s Revenue

Going Concern

Shout-out Stephen Foley at FT for writing up the most important part of Deloitte’s recently released transparency report : PAY. Let’s jump right in and do our own digging. The 2023 Transparency Report talks quite a bit about governance, ethics, audit quality, leadership, blah blah. You’re welcome to check it out should any of these appeal to you, just know each section is littered with Deloitte’s trademark self-fellating language.

audit 113

More Trending

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Chicago to Phase Out Sub-Minimum Wage Rates for Tipped Workers

CPA Practice

By Talia Soglin, Chicago Tribune (via TNS). Chicago became the largest U.S. city to independently phase out the subminimum wage for tipped workers on Friday, a step celebrity chef Rick Bayless said the city needed to take “for the greater good.” Bayless supported the legislation, which passed by vote of 36-10 , but not without reservations. He worries it could deepen the pay disparity between well-paid front-of-house workers who will be getting raises and their counterparts in the kitchen , who

Illinois 111
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IRS rules allow car dealers to provide rebates for EV tax credits upfront

Accounting Today

The guidance explains how buyers of electric vehicles can transfer their tax credits to dealers and get advance payments that lower the cost.

Tax 122
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Arthur Andersen’s House Is For Sale

Going Concern

Thanks to an article in Crain’s Chicago Business yesterday we know that the house that Arthur Andersen built is up for sale. A baronial home in Winnetka built in the 1930s by Arthur Andersen, an eminent figure in Chicago’s business history who founded one of the “Big Five” accounting firms, is for sale at $8.9 million. Built in 1931, the house on Locust Road has a remarkable Tudor exterior marked by a towering chimney, gargoyles flanking the front door and an imposing overall look from its

Sales 109
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Meeting the Staffing Demands: How Automation is Transforming Accounting Firms

CPA Practice

By Richard Lavina and Ralph Carnicer. The demand for skilled tax practitioners in the accounting profession has never been more critical. With the continuous growth in the IRC’s complexity and the rising number of tax filings each year (at both the federal, state, and local levels), the likelihood of making an inaccurate filing is increasing to unprecedented levels; which in turn is stretching industry talent dangerously thin.

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How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

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Improve Quality Using a Business Process Maturity Model: Part 2

Cherry Bekaert

In this 2nd part of a 3-part series about Continuous Improvement, Jim Holman , Director and Strategy & Operations Leader, rejoins with Steve Holliday , Director of Digital Advisory, to discuss the process maturity model (PMM) and its attributes to advance your organization’s continuous improvement practice. Listen to this episode to: Gain knowledge around the importance of the process maturity model (PMM) and its different five levels of maturity.

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Most companies unaware of beneficial ownership rules as deadline approaches

Accounting Today

Even though the effective date is less than 90 days away, most businesses are either unaware of it or uncertain how to comply.

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It's Time for QBTalks and the QBO Update

Insightful Accountant

Join Liz Scott on Wednesday, October 18, 2023 at 2 PM Eastern for the latest and greatest news about the QuickBooks Online product line-up. You won't want to miss it.

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Accounting groups look to identify pipeline problems

Accounting Today

State and local organizations hope to learn what's behind the decline in young people pursuing the CPA.

Account 128
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Planning Your Restaurant's Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

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The BILL Spend & Expense Approach to Making Expense Management Easy

AccountingDepartment

When running a business, keeping track of expenses can be a daunting task. From petty cash expenses to vendor payments, you need to ensure every penny spent is accounted for. That's where expense reports come in.

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Grant Thornton's revenues hit $2.4B

Accounting Today

The Top 10 Firm reported Tuesday it reached a record annual revenue of $2.4 billion for the fiscal year ending July 31, 2023.

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A message from the outgoing CEO

Accounting for Good

A message from the outgoing CEO. Kirsten Forrester leaves the business in excellent shape and in the hands of skillful and experienced professionals.

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Bookkeeping Best Practices for Mid-Market Companies

GrowthForceBlog

7 min read As businesses grow and reach the mid-market level, their leaders often face a challenge in reorganizing the back office structure, policies, and procedures in order to keep up with the business's changing and expanding bookkeeping and accounting needs. As a result, the volume of day-to-day bookkeeping processes quickly becomes overwhelming, and the quality of the company's financial data suffers.

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How Automation is Driving Efficiency Through the Last Mile of Reporting

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

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IT Auditors See Cyber Risks, Data Privacy and Talent Shortages as Top Challenges

CPA Practice

As the scale of emerging technology risks facing companies continue to multiply, IT auditors play a key role in identifying these threats and helping their organizations to navigate them. A new survey conducted by Protiviti and The Institute of Internal Auditors (IIA) reveals which risks are keeping IT auditors up at night. The 11 th annual “Global Technology Audit Risks Survey” polled a group of over 550 Chief Audit Executives (CAEs) and IT audit professionals on the technology risks their com

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Xero Awards UK: How to craft a winning award entry

Xero

Entries for the UK Xero Awards 2024 are now open for our accounting, bookkeeping and app partners. Being an award-winning firm isn’t easy, and neither is writing an award-winning entry. So how can you put your best foot forward when crafting your award submission? In season one of Beyond Numbers – our new podcast for accountants and bookkeepers – we spoke to Pam Phillips, founder and managing director of award-winning small firm de Jong Phillips , who shared her advice on not just being an award

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Tax headaches when QTIP trusts hold interests in LLCs

Accounting Today

Significant tax and legal issues may be triggered with some types of estate planning arrangements.

Tax 112
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Insightful Accountant's 2024 International ProAdvisor Awards

Insightful Accountant

Insightful Accountant is proud to announce the new International ProAdvisor Awards for 2024. The awards will be conducted alongside the US Top 100 ProAdvisor and Up-n-coming ProAdvisor awards.

Account 82
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Recruit and Retain New Blue-Collar Talent

Blue-collar jobs have a branding problem. One company, GEON, partnered with Paycor to find the solution. Learn how to attract, engage, and retain blue-collar employees, helping them build meaningful careers – and support your company’s goals.

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Cybersecurity for CPAs: Technically legal but still frowned upon

Accounting Today

A lack of data management policies can be an expensive mistake.

Legal 117
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CFOs Pivoting from Revenue Growth to Cost Control

Insightful Accountant

According to US Bank's 'CFO Insights Report,' more of today's finance leaders are shifting to more of a defense mode. Check out the survey results inside.

Finance 82
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Sam Bankman-Fried's FTX trial witnesses: Who knew what, when

Accounting Today

For years, company leadership allegedly misrepresented and concealed key details about FTX's operations from investors, other employees and the customers who prosecutors claim had billions of dollars of their money stolen.

Account 63
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Ensuring Success 2023 – 2 Days of Free Online CPE – Register Now to Save Your Space

CPA Practice

Ensuring Success will be held December 6-7, 2023. Earn up to 14 hours of free CPE during this 2-day annual, virtual conference. Register now and mark your calendar for Ensuring Success, to ensure you meet your year-end CPE requirements. This is the original, completely virtual online CPE conference for accounting and tax pros, so you can attend and earn free CPE credits from the comfort of your office.

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Join the Instant Payment Revolution: Read 7 Must-Know Facts for Small Businesses

Technology evolves at lightning speed, and as finance keeps changing, instant payments emerge as a game-changer for small businesses. By 2030, instant payments are projected to surge by 289% and will become the new norm in financial transactions. Our whitepaper reveals seven must-know facts about instant payments, offering to help you navigate this financial revolution effectively.

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Sephora Missouri Tax Settlement: Sales and Use Tax Lessons for Businesses and Consumers

Anders CPA

Sales tax regulations have become a significant concern for both businesses and consumers. A recent case involving the beauty retailer Sephora USA, Inc. (Sephora) sheds light on the repercussions of collecting an improper amount of sales or use tax. Though Sephora has not admitted any wrongdoing in this settlement, the company’s agreement to pay over $1.77 million to resolve claims of overcharging taxes on Missouri purchases serves as a lesson for all people involved.

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Intuit QuickBooks Small Business Index 2023 Annual Report

Insightful Accountant

Here's a detailed new analysis of official statistics, employment trends from the Intuit QuickBooks Small Business Index, including surveys of 5,000-plus small businesses and data from 3-million QuickBooks customers.

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Thomson Reuters Synergy 2023 Conference to Feature Keynotes by Venus Williams and Shark Tank Star Barbara Corcoran

CPA Practice

Thomson Reuters has announced that its SYNERGY 2023 conference will be held November 5-11, 2023, in Denver, CO. November 5-8 will focus on events for corporate legal, tax and trade professionals, while November 8-11 will offer content for tax and accounting professionals. The conference is the company’s largest annual user event, spanning seven days across the legal, tax, trade, and accounting professions.

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From then till now: Harnessing computer expertise to help businesses

Reckon

Michaela Draper is a solution-focused business analyst based in New Zealand. With decades of project management, process mapping, data analysis, and consulting experience spanning banking, government and the private sector, Michaela is now focused on helping small businesses set up affordable and simple-to-use accounting systems. We recently sat down with Michaela to hear her career story and were bowled over by her incredible depth of computing knowledge.

Maine 52
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How CPA Firms Can Profit From Payroll Services Without the Extra Work

"Offer payroll and do it yourself,” they said. “It’ll be fun!” Spoiler alert: It was not fun. Most CPA firms know that they need to offer payroll services to their clients or risk losing them to another firm that will. However, many don’t really want to. It is often time-consuming and complex due to changing tax laws and regulations, and with the growing staffing shortages, most just don’t have the resources.